Liquidation auctions and thoughts on failed Rock Island Marketplace loan

By: 
Patrick J. Leslie

To the Editor:

Call this opinion regressive if you must, but based upon their past experience and the substantial losses incurred it would behoove the city of Owensville to get out of the loan business. Let one of the numerous local banks handle supplying seed money to new commercial venues.

This taxpayer wants nothing to do with loan recipients who default on a $350,000 loan after a mere six months nor can he afford the subsequent liquidations that return pennies on the dollar.